TOP MEDIA COMPANIES BY NEWSPAPER REVENUE

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Rank Newspaper revenue Newspaper as % of all media revenue

1997 1996 Company 1997 1996 % chg 1997 1996 +/-chg

1 1 Gannett Co. $3,582.0 $3,335.2 7.4% 79.6% 79.1% 0.5

2 3 Knight Ridder 2,770.0 2,295.3 20.7 100.0 100.0 0.0

3 2 New York Times Co. 2,557.1 2,348.6 8.9 89.2 89.4 -0.2

4 4 Advance Publications 2,385.7 2,209.0 8.0 65.0 65.3 -0.3

5 5 Times Mirror Co. 2,196.1 2,080.2 5.6 89.8 89.9 -0.1

6 6 Dow Jones & Co. 1,601.0 1,501.8 6.6 100.0 100.0 0.0

7 7 Tribune Co. 1,437.0 1,336.0 7.6 60.8 63.4 -2.6

8 8 Cox Enterprises 1,050.0 1,033.0 1.6 31.7 33.6 -1.9

9 9 McClatchy Co. 998.9 966.0 3.4 100.0 100.0 0.0

10 10 Hearst Corp. 949.8 865.0 9.8 33.5 33.6 -0.1

11 11 Washington Post Co. 812.9 763.9 6.4 45.2 44.8 0.4

12 15 MediaNews Group 800.0 600.0 33.3 100.0 100.0 0.0

13 14 Central Newspapers 716.1 620.3 15.4 100.0 100.0 0.0

14 13 E.W. Scripps 709.1 621.8 14.0 64.5 64.3 0.2

15 18 A.H. Belo Corp. 693.8 487.2 42.4 55.6 59.1 -3.5

16 12 Thomson Corp. 661.6 722.3 -8.4 41.4 43.4 -2.0

17 16 Hollinger International 616.7 587.5 5.0 100.0 100.0 0.0 18 17 Freedom Communications 519.8 495.0 5.0 80.5 81.8 -1.3

19 21 Media General 483.1 405.6 19.1 60.8 63.6 -2.8

20 19 Copley Newspapers 464.5 423.0 9.8 100.0 100.0 0.0

Notes: Knight Ridder includes returns from the Kansas City Star, Fort Worth Star-Telegram, Belleville, Ill., News-Democrat and Times Leader in Wilkes-Barre, Pa., only since May 9, 1997 when they were purchased from Walt Disney Co. Advance Publications' revenues are AA estimates. McClatchy Co. revenues include pro forma returns of $369 million in '97 vs. $373.2 million in '96 from its March 1998 acquisition of Cowles Media Co. (Minneapolis Star-Tribune). MediaNews Group's 33% growth in newspaper revenues is attributed largely to its inclusion only in the current year of the Daily News in Los Angeles and the Long Beach Press-Telegram, both acquired in '97. A.H. Belo Corp. included 10 months of the newspaper properties, Providence (R.I.) Journal and Riverside (Calif.) Press-Enterprise, gained in the acquisition of Providence Journal Co. on Feb. 28, 1997. Media General's growth in newspaper revenues are attributed largely to current-year inclusion only of Media General's January, 1997, acquisition of Park Acquisitions, parent of Park Communications. Media General got 28 dailies and 82 weeklies in the transaction.

Newspaper acquisitions

Buyer Closing Acquisition Value

Knight-Ridder 5/97 Walt Disney Co.'s Kansas City Star, Ft. Worth $1,650.0

Star-Telegram, Belleville, Ill. News-Democrat

and Times Leader of Wilkes-Barre

A. H. Belo Corp. 2/97 Providence Journal Co. (Providence Journal and 1,500.0

Press Enterprise of Riverside, Calif., and 9 TV stations)

McClatchy Co. 3/98 Cowles Media Co. (kept Minneapolis Star-Telegram 1,400.0

sold magazines to Primedia and book publishing

to Sun Microsystems)

E.W. Scripps* 10/97 Harte-Hank's 6 daily newspapers and KENS-TV 775.0

and KENS-AM

Media General 1/97 Park Acquisitions' 28 dailies, 82 weeklies and 715.0

10 TV network affiliates

Notes: Dollars are in millions. *E.W. Scripps kept the dailies but sold the broadcast units to A.H. Belo Corp. for 56% interest in Food Network and $75 million in cash.

Top media companies by radio revenue

Rank Radio revenue Radio as % of all media revenue

1997 1996 Company 1997 1996 % chg 1997 1996 +/-chg

1 1 CBS Corp. $1,187.0 $554.0 114.3% 21.7% 12.4% 9.3

2 5 Capstar Broadcasting Partners 570.0 249.3 128.6 100.0 100.0 0.0

3 6 Chancellor Media Corp. 548.9 231.2 137.4 100.0 100.0 0.0

4 7 Jacor Communications 503.4 223.8 124.9 94.9 89.2 5.7

5 2 Walt Disney Co. 450.0 420.0 7.1 6.5 6.5 0.0

6 3 Clear Channel Communications 402.9 340.7 18.3 48.9 47.8 1.1

7 4 American Radio Systems Corp. 374.1 322.4 16.0 100.0 100.0 0.0

8 8 Cox Enterprises 199.6 191.0 4.5 6.0 6.2 -0.2

9 11 Sinclair Broadcast Group 66.6 40.0 66.5 12.9 10.6 2.3

10 9 Tribune Co. 65.5 64.2 2.0 2.8 3.0 -0.2

11 10 Gannett Co. 50.9 43.5 17.0 1.1 1.0 0.1

12 13 Journal Communications 35.8 31.5 13.7 9.2 8.7 0.5

13 12 Hearst Corp. 34.8 32.4 7.4 1.2 1.3 -0.1

14 14 Pulitzer Publishing Co. 15.9 16.5 -3.6 2.7 3.1 -0.4

15 15 Ackerley Group 15.3 8.4 82.1 7.7 4.5 3.2

Notes: CBS Corp. revenues include Infinity Broadcasting Corp. since closing on that acquisition in Dec. 31, 1996. Capstar Broadcasting Partners is shown pro forma as if Capstar closed its many radio acquisitions, particularly that of SFX Broadcasting, on Jan. 1, 1997. That pro forma reading includes a portfolio of 299 owned-and-operated or programmed radio stations in 75 mid-sized markets. Chancellor Media Corp.'s radio growth is tied to the merging of revenues of Chancellor Broadcasting and Evergreen Media Corp., the acquiring company. The acquisition closed in third quarter '97. Jacor Communications revenues were boosted by acquisitions in '97 that on a pro forma basis give it $591.1 million in revenue in '97 vs. $542.1 million in '96 had all acquisitions been made by Jan. 1, 1996. Clear Channel Communications is shown pro forma as if its purchase of Paxson Communications (completed in fourth quarter '97) occurred Jan. 1, 1996. Figures for Clear Channel are from BIA. American Radio Systems, purchased earlier this year by CBS Corp., acquired 14 stations and disposed of six in '97.

Radio acquisitions

Buyer Closing Acquisition Value

CBS Corp. 1/97 Infinity Broadcasting (46 radio stations) $3,800.0

CBS Corp. 6/98 American Radio Systems Corp. (98 stations) 2,600.0

Capstar Broadcasting Partners 6/98 SFX Broadcasting (71 radio stations) 1,500.0

Chancellor Media Corp. 7/97 Viacom's 6 radio stations 1,080.0

Notes: Dollars are in millions.

Top media companies by magazine revenue

Rank Magazine revenue Magazine as % of all media revenue

1997 1996 Company 1997 1996 % chg 1997 1996 +/-chg

1 1 Time Warner $3,070.9 $2,764.1 11.1% 23.1% 23.3% -0.2

2 3 Hearst Corp. 1,460.3 1,303.0 12.1 51.6 50.7 0.9

3 4 Advance Publications 1,283.0 1,176.0 9.1 35.0 34.7 0.3

4 2 Reed Elsevier 1,268.6 1,308.4 -3.0 100.0 100.0 0.0

5 5 Thomson Corp. 937.0 941.7 -0.5 58.6 56.6 2.0

6 7 Primedia 859.1 815.0 5.4 82.8 82.1 0.7

7 6 Reader's Digest Association 811.1 831.7 -2.5 100.0 100.0 0.0

8 8 International Data Group 786.5 720.0 9.2 100.0 100.0 0.0

9 10 Ziff-Davis Publishing Co. 747.6 596.5 25.3 95.9 96.0 -0.1

10 9 News Corp. 673.2 660.0 2.0 12.1 14.7 -2.6

11 13 United News & Media 604.8 532.8 13.5 100.0 100.0 0.0

12 12 Hachette Filipacchi Magazines (Lagardere) 604.7 562.1 7.6 100.0 100.0 0.0

13 11 Meredith Corp. 568.4 581.4 -2.2 71.8 74.0 -2.2

14 14 McGraw-Hill 484.2 449.0 7.8 80.5 79.5 1.0

15 15 Gruner & Jahr USA (Bertelsmann) 474.1 426.0 11.3 100.0 100.0 0.0

16 16 CMP Media 473.9 418.1 13.3 100.0 100.0 0.0

17 17 Washington Post Co. 389.9 377.1 3.4 21.7 22.1 -0.4

18 18 Walt Disney Co. 343.8 321.9 6.8 5.0 5.0 0.0

19 19 Forbes Inc. 323.2 298.0 8.4 100.0 100.0 0.0

20 21 National Geographic Society 290.2 285.8 1.6 99.8 99.5 0.3

Notes: Reed Elsevier numbers do not include its acquisition of Chilton Publishing from Walt Disney Co. Primedia revenues are pro forma as if its recent purchase of Cowles Business Media and Cowles Enthusiast Media occurred Jan. 1, 1996. Ziff-Davis Publishing Co. went public in '97. Meredith Corp.'s figures are from its June 30, 1997 fiscal closing. Circulation revenue, some 45% of Meredith's magazine total, fell 5.6% to effect the overall decline in revenues. For the first nine months of '98, advertising is up 13% and circulation 5%. CMP Media went public in '97.

Magazine acquisitions

Buyer Closing Acquisition Value

United Video Satellite Group* Pending News Corp.'s TV Guide $2,000.0

Reed Elsevier 12/97 Walt Disney Co.'s Chilton Publishing Co. 447.0

Primedia 3/98 Cowles Media Co.'s 41 magazines, trade show 200.0

publications, reports, newsletters and directories

from McClatchy Co.

United News & Media 9/97 UNM's Miller Freeman unit acquired Telecom Library 130.0

Miller Publishing** 11/97 Tennis, Tennis Buyer's Guide, Cruising World, 122.0

Sailing World, Snow Country, Snow Country Business

from New York Times Co. Also bought Spin from

Camouflage Associates through Miller's partnership with

Vibe Ventures (Vibe) forming Vibe/Spin Ventures, and

80% of Where from Where Magazine International.

Notes: Dollars are in millions. United Video Satellite Group is owned by Liberty Media and TCI Ventures Group, two companies controlled by Tele-Communications Inc. ** Miller Publishing acquisition of the New York Times Sports/Leisure magazines took place in November 1997 at cost of $39 million; Spin cost $43 million and Where, $40 million.

Top companies by other media revenue

Other revenue

Category Company 1997 1996 % chg

DBS DirecTV (General Motors Corp.) $1,663.2 $912.0 82.4%

DBS Primestar 1,097.0 897.3 22.3

DBS U.S. Satellite Broadcasting 456.6 292.6 56.0

DBS EchoStar Communications Corp. 385.8 120.8 219.4

FSI News Corp. 826.7 710.0 16.4

FSI Valassis Communications 675.5 659.1 2.5

Online America Online 2,600.0 1,685.2 54.3

Online Prodigy Inc. 270.0 255.0 5.9

Out of home Outdoor Systems 605.9 591.6 2.4

Out of home CBS Corp. 320.0 288.0 11.1

Notes: Primestar revenues are AA estimates based on the '97 prospectus for the launch of New Primestar. EchoStar Communications Corp. figures do not include DTH equipment sales and integration services of $91.6 million in '97 and $78.1 million in '96. Prodigy Inc. returns are AA estimates. News Corp. returns are AA estimates and include the addition of Heritage Media's Actmedia in fourth quarter '97. CBS Corp. figures are AA estimates for the TDI Worldwide outdoor company it picked up at year-end '96 in the acquisition of Infinity Broadcasting Corp.

Other media acquisitions

Buyer Closing Acquisition Value

Clear Channel Communications 4/97 Eller Media Corp. which has 50,000+ $1,500.0

billboards nationwide

News Corp. 8/97 Heritage Media Corp. (kept Heritage's 1,300.0

Actmedia and sold 6 TV and 24 radio stations

to S

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